The U.S. banking sector strengthened in late trading on Tuesday following reports that Italian Prime Minister Silvio Berlusconi plans to resign following the Italian parliament's approval of the government's 2012 budget.
Regions Financial (RF) was the big winner among large U.S. banking names, with shares rising over 5% to close at $4.38.
The broad indexes saw 1% increases. The
KBW Bank Index (I:BKX) rose more than 2% to close at 40.84, with all 24 index components showing gains of over 1%.
Shares of
Wells Fargo (WFC) jumped more than 4% to close at $26.53, after the company disclosed an agreement to settle class-action lawsuits by several municipalities against a unit of Wachovia, which was acquired by Wells Fargo in 2008. In a deal that is still subject to court approval, Wells Fargo agreed to pay "an amount equal to the greater of $37 million or 65% of the restitution amount of a future settlement, if any, with the various state Attorneys General of their investigation of Wachovia."
Large U.S. banks seeing shares rise 3% on Tuesday included
Bank of New York (BK), which closed at $21.93;
Citigroup (C), at $31.42;
Comerica (CMA), at $26.85;
Huntington Bancshares (HBAN), at $5.49;
M&T Bank (MTB), at $73.83;
SunTrust (STI), at $20.18; and
State Street (STT), at $41.74.
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